This paper deals with the ambient vibration tests performed in an arch dam in two different working conditions in order to assess the effect produced by two different reservoir water levels on the structural vibration properties. The study consists of an experimental part and a numerical part. The experimental tests were carried out in two different periods of the year, at the beginning of autumn (October 2012) and at the end of winter (March 2013), respectively. The measurements were performed using a fast technique based on asynchronous records of microtremor time-series. In-contact single-station measurements were done by means of one single high resolution triaxial tromometer and two low-frequency seismometers, placed in different points of the structure. The Standard Spectral Ratio method has been used to evaluate the natural frequencies of vibration of the structure. A 3D finite element model of the arch dam-reservoir-foundation system has been developed to verify analytically determined vibration properties, such as natural frequencies and mode shapes, and their changes linked to water level with the experimental results.